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Tag: GDP

Fuel, electricity tariff cap costly, IMF warns Nigeria
Economy

GDP growth in Sub-Saharan Africa to drop in 2023 – IMF

With a worldwide recovery, the International Monetary Fund has reported that growth in sub-Saharan Africa is anticipated to drop to 3.6 percent before bouncing back to 4.2 percent in 2024. They further stated that both domestic and international borrowing costs for SSA nations have increased due to the rapid tightening of global monetary policy. Director […]

A photo of President Buhari and the redesigned note
Uncategorized

Nigeria’s GDP to grow by slow rate of 3% – KPMG

KPMG has estimated that Nigeria’s Gross Domestic Product will have a slow growth rate of 3% in 2023 due to challenges related to the redesign of the naira and the ongoing political transition. This was in its report titled, ‘2023 Global Economic Outlook H1″ accessed by AMBusiness. According to the report the global economic slowdown […]

Nigeria's mineral production rose by 39% in 2021 - NBS
Business

Nigeria’s GDP growth rate records 3.10% decline – NBS

The Nigerian annual Gross Domestic Product recorded a 3.1 percent growth in 2022, this represents a 0.3 percentage point decline from the 3.4 percent recorded in 2021. This was disclosed by the National Bureau of Statistics in the just released GDP report for the fourth quarter, Q4’22. However, the GDP growth in the fourth quarter […]

Lagos plans CNG-powered buses by end of 2024
Economy

LIRS, FIRS joint tax agreement’ll benefit Nigerians – Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State has expressed optimism that the state’s bilateral agreement with the Federal Government of Nigeria will benefit Nigerians. Sanwo-Olu stated this on Monday during the signing ceremony for a memorandum of understanding between the Federal Inland Revenue Service and the Lagos State Inland Revenue Service, according to Arise TV. The agreement creates […]

Economy

Nigeria may lose 34% GDP to climate disaster – Analyst

  With a median GDP impact of -20% by 2050 and -64% by 2100 under present climate policy, a study has been published by Christian Aid highlighting that the eight poorest countries, including Nigeria could face a bleak economic future. Even if global warming is kept to 1.5 degrees Celsius, the African continent will suffer […]

Agribusiness

‘Palm oil can contribute $20bn to Nigeria’s GDP yearly’

The National Palm Produce Association of Nigeria, have said that Nigeria’s oil palm is capable of contributing $20 billion annually to the country’s Gross Domestic Product, along with massive job creation along the value chain.   Vanguard reported that, however, the National President, National Palm Produce Association of Nigeria, Alphonsus Inyang, has lamented that the […]

Africa's GDP grew  6.9% in 2021
Economy

Africa’s GDP grew  6.9% in 2021

Africa’s Gross Domestic Product grew by an estimated 6.9 per cent in 2021, a report has revealed but the continent still faces uncertainty. Leading global specialist risk consultancy, Control Risks and its economics consulting partner, Oxford Economics Africa disclosed this in the just concluded Africa Risk-Reward Index seventh edition event. The seventh edition themed, “Opportunity […]

Africa's GDP grew  6.9% in 2021
Economy

Nigeria’s GDP rose by 3.54% in Q2 2022 – NBS

The Nigeria Bureau of Statistics revealed that the country’s Gross Domestic Product grew by 3.54 per cent in the second quarter of 2022. According to Nairametrics, this is an improvement compared to the 3.11 per cent growth recorded in the previous quarter. On a year-on-year basis, the Q2 2022 growth rate decreased by 1.47 per […]

Why Nigeria must save oil revenues - IMF
Economy

High inflation, fiscal deficit to persist in Nigeria -IMF

The International Monetary Fund has said that the rate of inflation in Nigeria is expected to remain elevated in 2022. According to the lender, the fiscal deficit of the consolidated government is expected to remain high at 6.1 per cent of the nation’s Gross Domestic Product majorly due to costly petrol subsidies and limited tax […]

Economy

Experts warn Nigeria as World Bank predicts global recession

Economic and financial experts have warned that Nigeria could face serious economic consequences if the global economy contracts into a recession, as predicted by the World Bank. The President of the World Bank Group, David Malpass, told a United States business event on Wednesday that it was difficult to “see how we avoid a recession.” […]

Africa's GDP grew  6.9% in 2021
Economy

Nigeria’s GDP rose by 3.11% in Q1 2022 – NBS

The National Bureau of Statistics on Monday revealed that Nigeria’s Gross Domestic Product rose by 3.11 per cent in the first quarter of 2022. In a tweet posted to its official Twitter page, @NBS_Nigeria, on Monday, the NBS wrote, “Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of […]

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